Axie Infinity's Blockchain Launches Its RON Governance Token
In an official announcement today, Sky Mavis, the company behind Axie Infinity noted that the RON token will be used to pay for transactions on Ronin. The token also comes with DeFi features including community governance and future utility via staking through validators to gain rewards. According to CoinMarketCap, RON is currently trading at around $3.51 at the time of writing.
To commemorate the successful launch of the RON token, both old and new Axie Infinity accounts will receive 20 free transactions. In addition, a RON/ETH liquidity pool has also been launched on Ronin’s in-house decentralized exchange, Katana where the pool will receive about 500,000 RON in rewards every day until February 3rd.
“It's important that Ronin has shared ownership by the community that builds and uses it. In the first month of Ronin, Axie experienced a 300% increase in monthly NFT trading volume and a 131% increase in daily active battlers,” said Jeff Zirlin, Sky Mavis growth lead and co-founder.
In November 2021, Ronin processed 560% more total transactions than the Ethereum blockchain, according to a report from Nansen. The blockchain network currently has 300,000 unique daily active addresses and processed 15% of all non-fungible token (NFT) volume in 2021.
The blockchain network also claims to be more energy-efficient than the Bitcoin and Ethereum blockchains, using 0.0000015 kilograms of carbon emissions for one Ronin transaction, compared with what it takes for one Bitcoin transaction 1,079.18 and Ethereum 125.26.